Govt slashes price of petrol by Rs5

ISLAMABAD: As oil prices declined in the international market, the government slashed the price of petrol by Rs5 per litre on Saturday. 

According to the Ministry of Finance, petrol will now be sold for Rs111.60 per litre. The price of diesel has also been cut by Rs5, which means it will now be available for Rs112.26.

The ministry announced that kerosene oil's price has been slashed by Rs7, bringing its cost down to Rs 92.45 per litre.

The new prices will come into effect from March 1, 2020. 

The cut in prices was anticipated as international oil prices fell by a large margin last week with the Dubai Crude rate coming down from $62 per barrel on Jan 31 to $50 a barrel on Friday, down 19.35%.  

The benchmark International Brent price reduced from $60 a barrel to $51 a barrel, down 18.33%.